US hurricane and Iran fallout drive global oil price

The global prices of crude oil have risen the most in a week, as Hurricane Florence threatened US east coast petrol supplies and as sanctions began crimping Iranian oil exports.

Futures in New York climbed 1.5%, as east coast motorists may see “dramatic” spikes in gasoline prices, according to a motoring organisation, and as mass evacuations stretch supplies and Florence’s heavy rains imperil major fuel pipelines.

Meanwhile, France and South Korea are shunning Iranian crude, forcing the Islamic Republic to effectively remove some oil from global markets.

West Texas Intermediate (WTI0 for October delivery climbed $1.12, to $68.66 a barrel, while Brent for November settlement advanced $1.12, to $78.49 a barrel, on the ICE Futures Europe exchange in London).

“There is some in the market who believe we are going to see a significant jump in gasoline prices,” said John Kilduff, a partner at New York-based hedge fund, Again Capital.

If tariffs are introduced on Irish beef exports into the UK, as has been suggested by the UK’s Environment Secretary Michael Gove, then meat plants here will close and there will be job losses is the warning from the director of Meat Industry Ireland.